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Ideological battles of the great -- the failures of -- prolonged misery that was unnecessary because of the sort of austerity argument. give me the sort of short elevator pitch version of why the economy is doing good, actually. >> the last crisis, it took us ten years to get to this point unemployment after the crash. unemployment is currently 4% and it's been about two years since the beginning of the pandemic. this time around the crash was much more severe. millions of businesses shut down with the unemployment rate going higher, well over 40% compared to 10% last time around. it was a dee...

Created in january, more than tripled than was expected, workers leaving their jobs for veterans that record levels, raising low wage workers pay even after factoring inflation into the mix. even bankruptcies dropped by 24% in 2021. that is all the way over to the right. that is the lowest point per personal bankruptcy in decades. that's a 25 year chart and it's never been lower on the chart. the question i have is why won't the left take credit for such an incredible accomplishment? as carter wrote the piece joins me now. zak, first make the case. i make this case a lot. i think you and i are...

Quite different from say, the fiscal yoonunion of all the states in the u.s. and if this you were going to try to hold together economies that were very different from one another you were going to need mechanisms to be able to do that to address when some of the countries start getting barraged by different forces than the others. and europe has really not developed that. and i i don't think that austerity is going to get greece growing again. and if greece doesn't grow again they will not be able to pay back this money. >> the austerity argument the clamps that were put on greece in the midd...

Principles that get you to where you're going. but i want to ask andrew one question because we started this whole discussion with the notion of the fiscal cliff, right? you know that there are people on the left and people on the right who are both saying, there is no cliff. what are you talking about? what cliff? this is no big deal. so explain to us actually -- you talked about the gdp impacted at the very top of this block. what's the argument for hey, don't worry about this, this cliff isn't for real, and that's the counterargument to that? >> the argument for this not being a cliff is to...

That got passed and we had you on to talk why it is a scam. the actual jobs act, the american jobs act, that was a concrete discrete bit of expansionary policy they tried to put forward. he did the primetime speech, he did all the things, it went nowhere because whatever you say about partisanship at a policy level one party is implaquably committed. >> obama has put social security on the table to be cut under the theory of this phony crisis that doesn't exist. >> right? >> and as soon as he did that, and we now have a good 30%, 40% of progressives saying we need shared sacrifice and we need ...